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Oil prices rise again 

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Following a two-week rollback, fuel prices are set to increase this week starting Tuesday morning, according to a report by Philippine News Agency.

In separate advisories, Caltex, Cleanfuel, Jetti, Petro Gazz, PTT Philippines, Seaoil, and Shell said they will raise diesel prices by PHP1.70 per liter and PHP0.45 per liter for gasoline.

Caltex, Seaoil, and Shell will also hike kerosene prices by PHP0.40 per liter.

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According to S&P Global, supply disruptions in Libya and possible further cuts on Russian oil amid the rising conflict in Ukraine impacted global prices this week.

“Libya's National Oil Corp. said April 17 that it declared force majeure on deliveries of Mellitah crude oil exports after the 70,000 barrel per day El Feel, or Elephant, oil field was closed,” S&P Global said.

Sanctions on Russian oil also continue to affect petroleum prices in the world market.

Since the start of the year, the net increase in gasoline prices stood at PHP14.25 per liter, PHP24.55 per liter on diesel, and PHP20.20 per liter on kerosene.


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